Scottish independence: Irish warning over currency plans

By SCOTT MACNAB
Published on 28/05/2012 01:30

THE SNP’s plans to keep the pound after independence is facing fresh criticism after a former Irish prime minister warned that a similar policy there saw Dublin “forced to accept whatever was decided in London”.

The Irish pound was tied to sterling in a “one-for-one” link until the Republic signed up to the European monetary system in the late 1970s. But former taoiseach John Bruton insisted the link with London left the country with no control over economic policy.

“At that time, we had a situation where interest rate policy was determined in London without any Irish input, and we went up and down with the fortunes of whatever suited the British economy as decided by people in Britain,” he said.

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